The Imminent Visit Of King Harald V And Queen Sonya Of Norway To Croatia Has Improved The Profile Of Development Plans To Turn Land Near Sucuraj, On The Eastern End Of Hvar Island, Into A Resort Rivaling Cannes
An imminent royal trip to Croatia from the King and Queen of Norway highlights the development on eastern Hvar near Sucuraj, billed as the new Cannes. The royal partners are due on an official trip to Zagreb and the coastal city of Sibenik on May 12-13, accompanied by one hundred Norwegian businessmen, who are digging into investment opportunities in the former-Yugoslav republic as reported suite101.com.
Croatia is beginning to become more well-liked as a holiday location. Enthusiastic about buying a place on an Croatian island, studio in a quiet Dalmatian city, commercial property in Dalmatia or land plot for a bigger investment? According to the Law of Croatia real estate, foreign voters and companies can be owners of real-estate in all of the teritory of Republic Croatia (Istria, Kvarner, Dalmatia, Continental Croatia, and all Croatian islands).
Croatian property enquiries for the winter period of 2010 to 2011 are up from the year before. They are still some distance from pre crisis levels but a major rise never the less. Transaction volumes are still low but the quantity of sales converted is rising and backers who’ve been showing interest over the last 12 months are starting to commit. With improving industrial conditions worldwide and a signs that confidence is returning in Europe, all be it slowly and cautiously, it might appear the trend should continue in 2011.
One thing’s for sure, Croatian real estate agents are truly working for their commission. This is no bad thing. It has reduced the amount of players in the market significantly. It has also raised the standards as purchasers ask significantly more questions, and generally look far more closely at price. This has forced Croatian property agents to be more competent, informed and fitted out with reasoned debates instead of the standard sales patter. It has helped to control the Croatian property market a little better as costs paid are pragmatic. There are no men with black temporary cases lurking round the corner ready to pay five times more than the property is actually worth. Those times are well behind us and fortunately so.
Price-wise, without regard for reports of falls of between 5% and 10%, in fact Croatian property costs have fallen more like 20% to 30%. The reason for the irregularity is due to advertised and real sales values. This is particularly true for properties in Croatia coastal locations where much of the property is acquired by foreigners and where exchange volumes are so low that data is constrained, so much so it is tricky to evaluate. Additionally the current system of monitoring Croatian real-estate costs is fairly ineffective due to a shortage of accurate data. The key source of information is that of the tax office, where contractual costs of Croatian property sold are registered. Nonetheless the practice of manipulating contractual costs for tax purposes is still typically found in Croatia making available data untrustworthy.
In the seaside locations, foreign property owners are much more inclined to drop costs. Most of them have experience similar price drops in their domestic marketplaces and have promptly become accustomed to the concept that property is worth less than it used to be and that costs are relative. For example a serious number of foreign owners have sold property in Croatia, to use dropping prices at home, preferring to reinvest regionally. We see this trend continuing throughout 2011.
When thinking about the Croatian market direction for 2011, it’s also important to take a look at Croatia’s economic and political situation. Currently Croatia is going through its own crisis of confidence, not least with the economy. Nonetheless considering the state of plenty of the other peripheral Western European economies as well as it’s comparative size, Croatia is not alone. It is certainly no worse than Greece, Ireland, Portugal, Spain and potentially Belgium and is probably better in numerous examples. The country actually has not been bailed out by the EU Union or Global Monetary Fund yet Moreover, as the EU is making an attempt to introduce a rather more strategic and coordinated industrial policy approach, Croatia, shortly to be an affiliate, should benefit.
Additionally Croatia is tackling the issue of corruption head on. There have been many high-profile arrests including the arrest of Ivo Sanader the previous P. M. , as well as a bunch of his ex ministers and it seems like this is just the start . With the press now having free reign in the democratic process stories of new government officials and their unexplainable wealth are hitting the headlines on a constant basis. It might seem that Croatia is kind of unique with respect to its open tries to tackle corruption. Born by it’s need and drive to join the European Union Croatia, unlike Romania and Bulgaria, as well as some of the more established states of the EU, has had to be brave and cope with this tough problem up front of Croatia ECU Advent.
This has obviously caused some negative sentiment from foreign investors short term. But then financiers are being wary for the same reasons they are wary pretty much everywhere in Europe currently. We only truly see this changing once the banks start to lend again bringing with it a change in sentiment. This is particularly the argument for the second homes market. But medium to long-term, and more specifically after Croatia joins the ECU end of 2012, things will improve.
How will this affect the Croatia property market? Short term we predict there to be continued downward stress on real estate costs in Croatia, but with exchange volumes rising as buyers and financiers look to milk bargains as well as some solid Croatian property investment opportunities. This is true for both the foreign and domestic buyers. Medium term we are expecting to see Croatia join the EU, but it has still to be seen what quantity of an impact on Croatian real-estate costs it will have. There are 2 distinct probabilities, a reasonable and stable effect or an inflationary drive. It will mostly depend on the EU itself and whether it is in a position to resolve it’s own issues and mend confidence in its own ability to manage and unify it’s members on the essential money regulation so as to forestall the same sovereign debt issues some of it’s members are currently facing, and very significantly the impact which has on it’s other members and the EU itself.
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